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Smart Farming Market is Growing Due to the Increasing Automation & Digitization in the Agriculture Industry

07-23-2019 07:17 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Markets and Markets

The growth in the trends of mechanization in the agriculture industry, focus on livestock monitoring to improve the efficiency of farms, and governments’ support for modern agricultural techniques stimulate the global smart farming market.

The North American and European regions are projected to dominate the global smart farming market during the forecast period. These regions are the largest markets for innovative technologies used for agriculture. Considering the huge opportunities in these regions, new market players are entering this market. The increasing automation and digitization in the agriculture industry are creating new business models for this market.

On the other hand, in Asia Pacific, the adoption rate of smart farming techniques is expected to grow because of the presence of emerging countries such as India, China, and countries in South East Asia, where agriculture is a vital sector.

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The automatic (smart) harvesting system segment is projected to account for the largest market share during the forecast period.

Based on equipment & technology, this study segments the market into drones (agricultural), autonomous tractors, automatic feeding systems, automatic planting equipment, automatic (smart) harvesting systems, smart irrigation systems, livestock monitoring systems, and others. The automatic (smart) harvesting system dominated the market for smart farming in terms of value. This is attributed to the growing farm labor issues, increasing the need for maximum operational efficiency and profitability, and increase in government support for new technology developments to support sustainable agriculture.

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In terms of crop type, the cereals & grains segment is projected to dominate the smart farming market.

Based on crop type, this study segments the market into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. The cereals & grains segment accounted for the largest share in the smart farming market. This can be attributed to the large production of cereals & grains to feed the global population. According to the FAO, global cereal production was ~2,923 million tons in 2018. This number is expected to increase in the coming years, which justifies the use of smart farming practices. Additionally, this technology is expected to extend to various types of farming practices, which includes the use of automatic planting equipment, autonomous tractors, agricultural drones, and combine harvesters, among others.

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In terms of livestock type, the ruminants segment is projected to dominate the smart farming market.
Based on livestock type, this study segments the market into ruminants, aquaculture, poultry, swine, and others. Manual management of cattle and other ruminants is costly and time-consuming; the use of hardware and software solutions enables automatic identification and data capture, which results in accurate and quick tracking and monitoring of cattle and other ruminants. Owing to these advantages, the market for ruminants is expected to grow significantly during the forecast period.

Asia Pacific is projected to grow at the highest CAGR during the forecast period.

Asia Pacific is one of the prospective markets for smart farming. The region has large farmlands and is witnessing high population growth rate. The smart farming market in Asia Pacific is at its early stage of adoption and is expected to grow at a double-digit rate between 2019 and 2025. Countries such as India, Australia, China, and Japan are currently witnessing high growth rate and account for significant shares of the smart agriculture market in Asia Pacific.

Key Players:

Some of the major players in the smart farming market are Deere & Company (US), Trimble (US), Raven Industries (US), AgJunction (US), AGCO Corporation (US), DeLaval Corporation (Sweden), GEA Group (Germany), the Climate Corporation (US), and AG Leader Technology (US).

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